More pain for George Osborne as ONS cuts UK economic growth
by Larry Elliott from on (#YJMX)
GDP estimate for third quarter cut from 0.5% to 0.4% after sharp slowdown in services, meaning UK chancellor is unlikely to hit growth forecasts
George Osborne has received a second pre-Christmas setback after official figures showing a a stuttering performance by the economy in the months following the general election put the government's 2015 growth forecast at risk.
Following much worse than expected borrowing figures on Tuesday, the Office for National Statistics pared back its estimate for gross domestic product in the third quarter of the year - and said activity had also been weaker in the previous three months.
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